Unpacking the alt protein space through the VC lens

More: TikTok boss to appear before US lawmakers. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- Hello {NAME} Not too long ago, everyone from Hollywood superstar Leonardo DiCaprio and NBA icons Kyrie Irving and Chris Paul to business magnates Bill Gates and ex-McDonald's CEO Don Thompson was scurrying to invest in the alt protein space, which promised to upend the world’s US$1 trillion meat industry. The demand for alt protein startups among VCs was so hot that Impossible Foods raised US$183 million before the plant-based protein firm had sold even a single burger. The once-burgeoning sector was also boosted by the incredibly successful IPO of Beyond Meat - the poster child of the industry - in 2019. But fast forward a few years and skepticism around the healthfulness of alt protein has been growing. Beyond Meat’s shares have fallen 93% since hitting a record high shortly after its public listing, as it turns out. The industry promised a lot but has so far delivered very little. However, in today’s featured piece, Jayesh Parekh, managing partner at alt protein-focused VC firm Good Startup, is adamant that the sector’s trial by fire is just a “six- to 12-month blip,” drawing similarities between the industry’s ongoing difficulties and the dot-com bubble of the late 1990s. He also goes on to share his optimism regarding cell-based meat and why he believes the alt-food industry will be worth up to US$200 billion in this decade, while spelling out the three factors that'll play a crucial role in venture funding reaching normal levels again in Southeast Asia. -- Shravanth P.S.: If you’re an entrepreneur looking for funding, [fill out this form]( to get your company featured on our list of fundraising startups.  ---------------------------------------------------------------  THE BIG STORY [Recession Run: Alt protein to be $200b industry this decade, says Good Startup]( Jayesh Parekh, managing partner at Good Startup, explains why he is bullish on investing in alt proteins despite a global slowdown in sales.  --------------------------------------------------------------- GET HEARD ON TECH IN ASIA! We want to hear from you! More than 1,600 tech employees were laid off per day on an average in 2023 so far, globally. However, could this be an overreaction? or, an instance of [“copycat” layoffs]( Kindly [fill out this form]( to share your views on the mass layoffs sweeping across the tech industry with the Tech in Asia community! Best responses will be shared with the Tech in Asia community on the Sunday newsletter. --------------------------------------------------------------- TRENDING NEWS [TikTok boss to appear before US lawmakers as app ban looms]( The US House Committee on Foreign Affairs is scheduled to vote on a bill that would prohibit TikTok in the country, Reuters reported. [Shein to appoint ex-SoftBank exec for Latin America push]( Marcelo Claure also made a US$100 million personal investment in the fast-fashion retailer, Bloomberg reported. [A $6m bet to mix crypto and traditional gaming]( Oh Baby Games is working on a Mario Kart-inspired game that features playable characters from the Crypto Twitter world. [China-based insurtech firm lists on Nasdaq]( The joint company of Cheche Technology and Prime Impact Acquisition I is estimated to have an implied pro forma enterprise value of US$841 million. [TDCX eyes revenue growth of up to 21% in 2022]( Layoffs may be sweeping through tech companies around the world, but it’s not all doom and gloom for the industry. [Telkmosel’s VC arm leads $13.5m raise of Indonesia’s EdenFarm]( Investors such as AC Ventures and AppWorks also joined the round. ---------------------------------------------------------------  TECH IN ASIA'S PRODUCT DEVELOPMENT CONFERENCE 2023  Learn from experts and supercharge your product development In today’s chilly macroeconomic climate, many VCs are advising companies and founders to focus on profitability and their core products - it’s a time to buckle down and build. With that in mind, Tech in Asia’s Product Development Conference is back to help you get started. 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